Not many places to hide right now, and a lot of charts are going sour at once. Braskem (BAK) is sitting at the edge of turning bad - after a sharp dip in the opening minutes it spiked back up but I am going to sell 1/3rd into the spike to mid $15s simply to reduce risk.
If it continues to break down we'll let more go.
Amazing how quickly things change... the S&P is now below 1115 which if it closes at this level would mean a lower low versus late December. Looks like the boys were really blindsided by Obama's announcement yesterday .... but at this rate we should hit a short term oversold moment relatively soon.
I've added some portfolio insurance via SPY puts (February contracts) just as a hedge, although we are now down to 30% long and shedding by the hour. If the S&P jumps back over 1113 or so on an oversold bounce, I'll release the puts.
Long Braskem in fund; no personal position